There has not been much action for Bitcoin for several weeks. We have experienced that the currency achieved a high on July 9, when it touched the mark of 496703 Satoshi. However, the high in the dollar was achieved sometime later and reached $34.04 USD for one BGT Bitcoin Gold on July 29.
The small rise around the end of the month shows some hope that the BTG will see some recovery ahead of time, but the hopes were turned down as soon as the price fell down and touched the monthly lows of 340K satoshi on July 31, and similarly, it experienced a low of $25.25 USD on August 12.
However, the month of August has not even brought any good news, and now individuals can buy the cryptocurrency at $19.56 USD for one piece, which is again a drop of 0.30% in the last 1 day or 313396 Satoshi which shows a drop of 2.80%.
Currently, Bitcoin Gold’s trade volume is 1215 BTC. The currency is now at the 25th most valuable cryptocurrency spot of the coin market cap with a worth of $ $335,183,777 USD.
The creator of the coin said that the distribution of Bitcoin is facing some issues due to ASIC mining. This is the primary reason behind the creation of Bitcoin Gold currency. It is been a month that the blockchain technology behind the currency is developed and made capable of using the Equihash algorithm, which helps them to resist the ASIC mining phenomenon, and made GPU the only way to mine BTG.
But there is some other portion that put pressure on Bitcoin Gold, which is basically making it harder for Bitcoin Mining. It is very interesting to experience if BTG has the capability to emerge as a legitimate cryptocurrency or if it is going to the same harshness just like Bitcoin.
BTG (Bitcoin Gold) is finding it hard to stabilize as a cryptocurrency. After its initial launch in 2017, BTG’s price rose sharply, but it has since fallen back to a much lower level. As of March 8, 2023, BTG is trading at around $20, which is a significant drop from its all-time high of over $400.
There are a number of reasons why BTG (Bitcoin Gold) has been struggling to stabilize. One reason is that it is a relatively new cryptocurrency, and it has not yet developed a large user base or network of merchants. Another reason is that BTG has been plagued by security concerns. In 2018, a major hack of the BTG blockchain resulted in the loss of millions of dollars worth of BTG.
Despite these challenges, there are some reasons to be optimistic about BTG’s future. Cryptocurrency has a strong team of developers, and it is constantly being improved. Additionally, BTG is one of the few cryptocurrencies that is ASIC-resistant, which means that it can be mined by anyone with a regular computer. This could make Bitcoin Goldmore appealing to miners and investors, which could help to stabilize its price.
Only time will tell whether BTG will be able to overcome its challenges and become a stable cryptocurrency. However, cryptocurrency has the potential to be a valuable alternative to Bitcoin, and it is worth keeping an eye on.
Here are some additional factors that could contribute to BTG’s volatility:
- The overall state of the cryptocurrency market. If the cryptocurrency market is in a downtrend, BTG is likely to follow suit.
- The release of new features or updates to the Bitcoin Gold blockchain. These could either boost the price of BTG or lead to sell-offs.
- Speculation and pump-and-dump schemes. These can artificially inflate the price of BTG, but they are often followed by sharp declines.
Overall, BTG (Bitcoin Gold) is a risky investment, and it is important to do your own research before investing in it
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